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Yuan opens firmer on higher official fix

China's yuan shot higher in offshore markets on Thursday on suspected intervention by Chinese state banks, putting the offshore rate on track for its biggest daily gain on record.

[SHANGHAI] China's yuan firmed at the open on Tuesday after a higher official fix.

The People's Bank of China set the midpoint rate at 6.3752 per dollar prior to the market open, firmer than the previous day's closing quote at 6.3763.

The spot market opened at 6.3750 per dollar and was changing hands at 6.3750 in early trade, 13 pips below the previous close. The spot rate is currently allowed to trade 2 per cent above or below the official fixing on any given day.

The offshore yuan was trading 1.05 per cent below the onshore spot at 6.4425 per dollar.